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Politics and interest rate cuts - stock markets provide solid

Investment Report

Politics and interest rate cuts - stock markets provide solid

In the third quarter, the previously established upward trend on the European stock markets initially levelled off. After the abrupt global price setbacks at the beginning of August, triggered by the one-day crash on the Japanese stock exchange, share prices recovered in anticipation of the interest rate cuts finally implemented in Europe, the USA and Switzerland. Thanks to the rally in September, the most important stock markets closed the quarter with gains. 


continued buoyant mood

Investment Report

continued buoyant mood

In April, investors were unsettled by fears of prolonged high policy interest rates, leading to profit-taking on the global stock markets. Investors were only reassured by falling inflation rates while hopes of the astounding impact of Artificial Intelligence fuelled fantastical share prices for technology stocks. Since mid-May, this, coupled with the expectation of policy rate cuts by the central banks, has led to renewed buying enthusiasm among equity investors. 


Climbing to new all-time highs

Investment Report

Climbing to new all-time highs

The sharp ascent in global equities that began last November continued in the first three months of the year. Driven by the "Magnificent Seven", of which four (namely Microsoft, Amazon, Meta and Nvidia) still remain, equities from the technology sector in particular are enjoying very strong momentum. The bond markets have also normalised in the wake of falling inflation figures. 


Wide-ranging recovery

Investment Report

Wide-ranging recovery

After a grim 2022, 2023 brought the financial markets the desired, albeit volatile, recovery. The bond and equity markets were driven primarily by hopes that interest rates had peaked and that the central banks would not have to raise interest rates any further as inflation abated. The spectre of recession has not yet made an appearance either.


Autumnal melancholy

Investment Report

Autumnal melancholy

Unlike the weather, the financial markets were hit by an autumnal melancholy early this year. While bonds mostly drifted sideways, there were reversals on various stock exchanges, particularly during September. Over the course of the year as a whole, however, positive trends dominated. 


Clearing up

Investment Report

Clearing up

Concerns about the economy and inflation, but also about geopolitical developments triggered a rollercoaster of emotions on the stock markets in the second quarter. As a result, the markets experienced stretches where there were price fluctuations in both directions. Towards the end of the quarter, the optimists regained the upper hand and brought the quarter to a conciliatory close. 


Keep your seat belts fastened

Investment Report

Keep your seat belts fastened

Despite some severe turbulence, an overall positive trend prevailed on the international stock and bond markets in the first quarter. European and American equities particularly benefited from the upturn.


Annus horribilis

Investment Report

Annus horribilis

The fourth quarter on the financial markets was like balm for the soul for investors. All the major stock markets posted share price gains. Bonds were also able to slow their downward trend or recover somewhat. Overall, however, 2022 will go down in the annals as an "annus horribilis". 


Hard Crust

Investment Report

Hard Crust

Stocks, bonds, precious and industrial metals; in rare unanimity, they all headed in only one direction in the third quarter - downwards. The reasons for this were inflation, the belated reactions of the Central Banks, and as a result, a feared economic slowdown or recession and, last but not least, the war in Ukraine.


Dark clouds continue to loom stubbornly

Investment Report

Dark clouds continue to loom stubbornly

Inflation, rising interest rates, fears of recession and war have once again wreaked havoc on the financial markets in the second quarter. Equity and bond prices have suffered losses the like of which investors have not had to bear for a long time. However, this also gives rise to hope that the worst is over. 


From the pandemic into the war

Investment Report

From the pandemic into the war

The pandemic has largely disappeared from the headlines and has given way seamlessly to the war in Ukraine. With the exception of gold, all asset classes suffered losses on the financial markets in the first quarter. It remains to be seen whether the stock market adage that political stock markets have short legs, namely, that setbacks are only short in duration and moderate in scale, also applies to this conflict.


Equities climb the Wall of Worry

Investment Report

Equities climb the Wall of Worry

The Western world stock exchanges staged a brilliant final sprint in the fourth quarter, while the Asian markets were unable to escape the doldrums. All in all, investors can look back on a very gratifying year on the stock markets, in which a high equity weighting and the underweighting of fixed-interest securities paid off once more.


September lives up to its bad name

Investment Report

September lives up to its bad name

Meteorologists would be delighted with this textbook sequence of events; a summer high pressure area followed by a cold front with a low pressure zone. In the third quarter, this is exactly what happened on the financial markets. Over the course of the year so far, however, sunshine has continued to predominate, with mostly double-digit performances for equities and a flat trend for bonds.


Up and away

Investment Report

Up and away

The global economy's kick-start triggered a strong tailwind to equity and commodity prices in the second quarter. The brief consolidation in the Spring quickly gave way to a continuation of the bull market in most places. However, bonds have suffered because long-term interest rates have risen. This has also taken some of the shine off gold. The current high fundamental equity values reflect the expectation of high corporate earnings growth.


Stock exchanges signal economic boom

Investment Report

Stock exchanges signal economic boom

If you take the stock market development as a yardstick, the Covid 19 pandemic is largely over from an economic point of view. The markets are anticipating a strong recovery in the current year and a positive economic development in the coming year. For investors, this has chiefly meant price gains for shares since the beginning of the year, but weaker prices for bonds and gold.


Final quarter rescues the investment year

Investment Report

Final quarter rescues the investment year

The last quarter saved the investment year. Lush Christmas gifts in the form of government aid packages, the announcement and approval of corona vaccines, the clear election result in the USA and the British-European trade deal helped to brighten up the table of presents for the holidays and the turn of the year. Having a long investment horizon in mind and keeping one’s blood cool in difficult times has once again proven its worth.


Glimmers of hope

Investment Report

Glimmers of hope

Glimmers of hope from the economy gave the financial markets a further boost in the third quarter. The central banks’ ultra-lax interest rate policy has played its part in driving up the prices for stocks and bonds. The valuations appear rather inflated which is why we have maintained an overall neutral weighting of equities.


Wild Rollercoaster Ride

Investment Report

Wild Rollercoaster Ride

In financial markets, the first half-year of 2020 was not for the faint hearted. At least the recovery of market prices during the second quarter managed to take some pressure off investors’ nerves. All hope now rests on constraining the pandemic effectively and getting economic activity back on course.


Tectonic Plate Shifts

Investment Report

Tectonic Plate Shifts

The Corona pandemic as well as the dispute between Saudi Arabia and Russia about oil production volumes triggered tectonic plate shifts on the financial markets. No asset class escaped, though the intermediate results in terms of price changes were rather varied.